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David Goodloe
David Goodloe
Articles (725) 

Kahn Brothers Sells Part of Stake in Pfizer in 4th Quarter

Company raises stakes in BP, BlackBerry, GlaxoSmithKline

Kahn Brothers (Trades, Portfolio) makes few sweeping changes to its portfolio. It is a rare quarter when the guru neither buys a new stake nor sells an old one, but that was the case in the fourth quarter. All its activity in the quarter was in existing stakes.

Kahn Brothers (Trades, Portfolio)’ most noteworthy fourth-quarter transaction was the sale of more than 6% of its stake in Pfizer Inc. (NYSE:PFE), a Groton, Connecticut-based pharmaceutical company. Kahn Brothers (Trades, Portfolio) sold 101,166 shares for an average price of $33.17 per share. The deal had a -0.59% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in Pfizer is now 1,569,873 shares, which is 0.03% of Pfizer’s outstanding shares and 9.05% of Kahn Brothers (Trades, Portfolio)’ total assets. James Barrow (Trades, Portfolio) is Pfizer’s leading shareholder among the gurus with a stake of 53,862,996 shares. The stake is 0.87% of Pfizer’s outstanding shares and 2.59% of Barrow’s total assets.

Pfizer has a P/E of 21.5, a forward P/E of 11.5, a P/B of 2.6 and a P/S of 5.1. GuruFocus gives Pfizer a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

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Pfizer sold for $29.02 per share Tuesday.

Kahn Brothers (Trades, Portfolio) reduced its stake in Trinity Place Holdings Inc. (TPHS), a New York-based real estate company, by nearly 9%. Kahn Brothers (Trades, Portfolio) sold 105,042 shares for an average price of $6.11 per share. The transaction had a -0.12% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

The deal left Kahn Brothers (Trades, Portfolio) with a stake of 1,064,651 shares, which is 4.22% of Trinity Place’s outstanding shares and 1.17% of Kahn Brothers (Trades, Portfolio)’ total assets. Kahn Brothers (Trades, Portfolio) is Trinity Place’s only shareholder among the gurus.

GuruFocus gives Trinity Place a Financial Strength rating of 5/10 and a Profitability and Growth rating of 3/10.

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Trinity Place sold for $5.84 per share Tuesday.

Kahn Brothers (Trades, Portfolio) trimmed its stake in Old Republic International Corp. (NYSE:ORI), a Chicago-based property insurance and title and deed company, by more than 4%. Kahn Brothers (Trades, Portfolio) sold 36,769 shares for an average price of $18.07 per share. The deal had a -0.11% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in Old Republic is now 809,092 shares, which is 0.31% of Old Republic’s outstanding shares and 2.69% of Kahn Brothers (Trades, Portfolio)’ total assets. Lee Ainslie (Trades, Portfolio) is Old Republic’s leading shareholder among the gurus with a stake of 5,144,270 shares. The stake is 1.97% of Old Republic’s outstanding shares and 1.38% of Ainslie’s total assets.

Old Republic has a P/E of 12.7, a forward P/E of 14, a P/B of 1.2 and a P/S of 0.9. GuruFocus gives Old Republic a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.

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Old Republic sold for $17.57 per share Tuesday.

Kahn Brothers (Trades, Portfolio) reduced its stake in Sterling Bancorp (NYSE:STL), a Montebello, New York-based financial services company, by more than 3%. Kahn Brothers (Trades, Portfolio) sold 35,082 shares for an average price of $16.2 per share. The deal had a -0.1% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in Sterling Bancorp is now 1,023,363 shares, which is 0.79% of Sterling Bancorp’s outstanding shares and 2.97% of Kahn Brothers (Trades, Portfolio)’ total assets. Sterling Bancorp’s leading shareholder among the gurus is Mario Gabelli (Trades, Portfolio) with a stake of 1,191,083 shares. Gabelli’s stake is 0.92% of Sterling Bancorp’s outstanding shares and 0.13% of Gabelli’s total assets.

Sterling Bancorp has a P/E of 45.7, a forward P/E of 12.9, a P/B of 1.1 and a P/S of 4.2. GuruFocus gives Sterling Bancorp a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.

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Sterling Bancorp sold for $13.86 per share Tuesday.

Kahn Brothers (Trades, Portfolio) pared its stake in MBIA Inc. (NYSE:MBI), an Armonk, New York-based financial services company, by nearly 2%. Kahn Brothers (Trades, Portfolio) sold 76,732 shares for an average price of $6.79 per share. The transaction had a -0.09% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ remaining stake in MBIA is 4,409,224 shares – 2.88% of MBIA’s outstanding shares and 5.11% of Kahn Brothers (Trades, Portfolio)’ total assets. MBIA’s leading shareholder among the gurus is Chuck Royce (Trades, Portfolio) with 4,432,853 shares – 2.9% of MBIA’s outstanding shares and 0.14% of Royce’s total assets.

MBIA has a P/E of 9.2, a forward P/E of 2.4, a P/B of 0.3 and a P/S of 1.4. GuruFocus gives MBIA a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.

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MBIA sold for $6.37 per share Tuesday.

Kahn Brothers (Trades, Portfolio) raised its stake in Seaboard Corp. (SEB), a Merriam, Kansas-based agribusiness and transportation company, by almost 9%. Kahn Brothers (Trades, Portfolio) acquired 750 shares for an average price of $3,130.63 per share. The deal had a 0.39% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in Seaboard is now 9,509 shares – 0.81% of Seaboard’s outstanding shares and 4.92% of Kahn Brothers (Trades, Portfolio)’ total assets. Kahn Brothers (Trades, Portfolio) is Seaboard’s leading shareholder among the gurus.

Seaboard has a P/E of 16.2, a forward P/E of 12.2, a P/B of 1.1 and a P/S of 0.5. GuruFocus gives Seaboard a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

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Seaboard sold for $2,624.03 per share Tuesday.

Kahn Brothers (Trades, Portfolio) boosted its stake in BP PLC (NYSE:BP), a London-based oil and gas company, by more than 6%. Kahn Brothers (Trades, Portfolio) purchased 64,175 shares for an average price of $33.84 per share. The acquisition had a 0.36% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in BP is now 1,090,076 shares, which is 0.04% of BP’s outstanding shares and 6.09% of Kahn Brothers (Trades, Portfolio)’ total assets. BP’s largest shareholder among the gurus is Barrow with 30,061,920 shares in his portfolio. The stake is 0.98% of BP’s outstanding shares and 1.4% of Barrow’s total assets.

BP has a forward P/E of 10.9, a P/B of 1 and a P/S of 0.4. GuruFocus gives BP a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.

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BP sold for $29.02 per share Tuesday.

Kahn Brothers (Trades, Portfolio) boosted its stake in BlackBerry Ltd. (NASDAQ:BBRY), a Canadian telecommunications equipment company, by more than 5%. Kahn Brothers (Trades, Portfolio) purchased 191,950 shares for an average price of $7.74 per share. The transaction had a 0.32% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in BlackBerry is now 3,801,352 shares, which is 0.72% of BlackBerry’s outstanding shares and 6.3% of Kahn Brothers (Trades, Portfolio)’ total assets. BlackBerry’s leading shareholder among the gurus is PRIMECAP Management (Trades, Portfolio) with a stake of 72,553,007 shares in its portfolio. PRIMECAP’s stake is 13.8% of BlackBerry’s outstanding shares and 0.49% of PRIMECAP’s total assets.

BlackBerry has a forward P/E of 625, a P/B of 1.1 and a P/S of 1.8. GuruFocus gives BlackBerry a Financial Strength rating of 6/10 and a Profitability and Growth rating of 3/10.

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BlackBerry sold for $6.74 per share Tuesday.

Kahn Brothers (Trades, Portfolio) escalated its stake in GlaxoSmithKline PLC (NYSE:GSK), a London-based pharmaceutical company, by more than 47%. Kahn Brothers (Trades, Portfolio) purchased 27,100 shares for an average price of $40.81 per share. The deal had a 0.2% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in GlaxoSmithKline is now 84,600 shares, which is 0.61% of Kahn Brothers (Trades, Portfolio)’ total assets. GlaxoSmithKline’s leading shareholder among the gurus is HOTCHKIS & WILEY with a stake of 12,400,884 shares. The stake is 0.51% of GlaxoSmithKline’s outstanding shares and 1.91% of the guru’s total assets.

GlaxoSmithKline has a P/E of 6.7, a forward P/E of 14.6, a P/B of 12.1 and a P/S of 2.8. GuruFocus gives GlaxoSmithKline a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.

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GlaxoSmithKline sold for $39.37 per share Tuesday.

Kahn Brothers (Trades, Portfolio) increased its stake in VOXX International Corp. (NASDAQ:VOXX), a Hauppauge, New York-based consumer electronics company, by more than 13%. Kahn Brothers (Trades, Portfolio) bought 211,880 shares for an average price of $5.83 per share. The transaction had a 0.2% impact on Kahn Brothers (Trades, Portfolio)’ portfolio.

Kahn Brothers (Trades, Portfolio)’ stake in VOXX International is 1,828,400 shares, which is 7.57% of VOXX International’s outstanding shares and 1.72% of Kahn Brothers (Trades, Portfolio)’ total assets. Kahn Brothers (Trades, Portfolio) is VOXX International’s leading shareholder among the gurus.

VOXX International has a forward P/E of 9.7, a P/B of 0.2 and a P/S of 0.1. GuruFocus gives VOXX International a Financial Strength rating of 3/10 and a Profitability and Growth rating of 6/10.

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VOXX International sold for $3.42 per share Tuesday.

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About the author:

David Goodloe
I'm a journalist by training. I grew up in Arkansas and earned my B.A. at the University of Arkansas. I earned my master's degree at the University of North Texas. My background includes stints at newspapers in Arkansas and Texas and teaching news writing and news editing to students at the University of Oklahoma and Richland College here in Dallas. I'm a writer/editor at GuruFocus.

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